Member Info for bigsmoke

will we see single figures?

http://www.stockmarketwire.com/article/6336767/Victoria-Oil-Gas-to-raise-pound12-point-6m-replace-executive-chairman.html

thanks PC01 - the 'trends' were 2018 'trends'. Surely our new partners will rectify the latter in 2019?
In any event, if the gain at CPO-5 is greater than any fall at Platanillo (which so far appears to hold true) then should be at least a gradual rise from here. No?

horrible, horrible, horrible....

there is no near or mid term value here - unless, for yet another decade the sale of certain 'assets' are dangelled.

drain the swamp!

harping on about "demand". LOCK THEM UP!

the only upside is that there is this deal on the table - or the company is bust.

what a waste of time, money and life.

should be investigated.

clearly some trainee who was working on this deal, beating off in private with the insider info gleaned from meetings.

should be investigated.

drained PIs over every last penny.

wow - "t is proposed, subject to Board approval, to grant options to Directors and senior management over a number of Ordinary Shares equivalent to 6% of the enlarged issued capital of the Company with an exercise price of 14p and exercise period of 5 years."

LTHs shafted twice.

Background to and reasons for the Fundraising

The Fundraising serves to demonstrate the strong financial support and interest in the Company's activities from the Subscriber and other new and existing institutional shareholders and recognises both the achievements to date of the Company's business model as well as the changes required to ensure that the business can maximise its full growth potential and value creation for all Shareholders.

The period from December 2017 to December 2018 was particularly challenging for the Company. Following completion of an expensive drilling programme in December 2017, the Company experienced the non-renewal on 1 January 2018 of a key gas sales agreement with Eneo Cameroon S.A. ("ENEO"), its major grid-power customer. Consequently, with significantly reduced revenues in 2018, the Company immediately took steps to reduce its operating costs and restructure certain bank debt obligations.

On 22 December 2018, the Company announced an agreement, subject to documentation, with ENEO to resume gas supply for a period of three years to the Logbaba 30MW Power Station on a take or pay basis with a minimum load of 80 per cent., thereby securing significant revenues. The Company welcomes the resumption of its gas supply to ENEO, which will add significant revenues to the Company from January 2019; however, the Company requires an injection of new equity to satisfy its working capital requirements and planned capital expenditure on its projects.

Reflecting the support from the Subscriber and new and existing Shareholders, the Company will continue to cut costs in its London and Cameroon operations. This includes a reduction of 41% in the cash cost of salaries of directors, comprising a 33% reduction in the CEO's salary and a 50% reduction of the Executive Chairman's salary. To further align the interests of the Directors with Shareholders, it is proposed, subject to Board approval, to grant options to Directors and senior management over a number of Ordinary Shares equivalent to 6% of the enlarged issued capital of the Company with an exercise price of 14p and exercise period of 5 years.

The changes to the Board will rejuvenate and energise the management team, paving the way for the Company to achieve its targets with a view to providing positive returns to Shareholders. The Company will use the proceeds of the Fundraising to continue to invest in its Logbaba and Matanda projects in Cameroon with a focus on connecting new customers; to execute the cost reduction plans; to re-pay certain debt and outstanding creditors obligations; and to improve the Group's general working capital (see "Use of Proceeds" section below)

Ahmet Dik, CEO of VOG, commented:

"This morning's announcement to raise up to £12.6 million in conjunction with the proposed Board changes is a new beginning for VOG. The Fundraising will strengthen the Company's financial position and provide the necessary support for the new Board and Senior Management to take the Company to the next level. Given the gas demand in the industrial city of Douala Cameroon, and the Company's strategic position of being the only onshore gas supplier and operator of the gas pipeline network, the Company can now look to develop its Matanda project and optimise its Logbaba operations with a view to becoming cashflow positive in the near term.

"Finally, a reduction of director salaries, which I welcome, is evidence of the new Board's focus to drive the Company to ensure Shareholder returns."

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=VOG&ArticleCode=4zga1ccu&ArticleHeadline=Subscription__Placing__Proposed_Board_Changes

6 March 2019

Victoria Oil & Gas Plc

("VOG" or the "Company")

Subscription and Placing to raise up to approximately

£12.6 million and Proposed Board Changes

Victoria Oil & Gas Plc, the integrated natural gas producing utility company in Cameroon, is pleased to announce a £12.6 million (c.US$16.5 million) equity fundraise.

Highlights:

· Binding conditional direct share subscription by YF Finance Limited to raise £6.5 million

· Proposed Placing to raise up to £6.1 million

· Fundraising to be conducted at an issue price of 13 pence per share

· The Placing is being conducted by way of an accelerated book build process which will open with immediate effect following this announcement

· On completion of the Fundraising, Kevin Foo will retire as Director and Executive Chairman

· Roger Kennedy, currently Senior Non-Executive Director, will assume the role of Executive Chairman

· Two additional independent non-executive directors will be appointed to the Board

Fundraising Details:

The Company has entered into a conditional agreement for a subscription of 50,000,000 new Ordinary Shares, at an issue price of 13 pence per share (the "Issue Price"), by YF Finance Limited ("YF Finance" or the "Subscriber") to raise £6.5 million, before expenses (the "Subscription"). YF Finance is the Company's largest shareholder and is currently interested in 11,085,239 ordinary shares, representing approximately 7.37 per cent. of the Company's existing issued share capital. YF Finance is wholly owned by Mr Askar Alshinbayev and has investments in several other international oil & gas companies.

In addition, the Company is seeking to raise an additional £6.1 million, before expenses, by way of a proposed placing to certain new and existing institutional and sophisticated investors via its joint brokers, Shore Capital Stockbrokers Limited ("Shore Capital") and FirstEnergy Capital LLP ("GMP FirstEnergy"), at the Issue Price (the "Placing"). The maximum targeted amount for the fundraising, comprising the Subscription and the Placing, is approximately £12.6 million (approximately US$16.5 million) (the "Fundraising"). The Subscription is not conditional on any minimum amount being raised in the Placing.

The Placing is being conducted as an accelerated book build process which will open with immediate effect following this announcement.

The Fundraising is subject to the requisite shareholder approval and, accordingly, the issue of the New Ordinary Shares is conditional on, inter alia, the passing of certain resolutions by Shareholders (the "Resolutions") at a duly convened general meeting of the Company (the "General Meeting"), notice of which, together with full details of the Fundraising, will be set out in the circular to be posted to Shareholders shortly.

We all knew is was coming. For some, they would not face facts.

Wed, 6th Mar 2019 07:00
RNS Number : 9955R
Amerisur Resources PLC
06 March 2019
6 March 2019

Amerisur Resources Plc ("Amerisur" or the "Company")

Reserves Update

1P reserves up 27.8% and 2P reserves up 23.6%

Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America (LSE: AMER), provides an update on the certified reserves for its production assets in Colombia.

Following receipt of an independent reserves report for the Platanillo and Mecaya fields undertaken by Petrotech Engineering Ltd, and the CPO-5 block undertaken by McDaniel and Associates Consultants Ltd as at 31 December 2018, using the standards set by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers, certified 1P (Proven) working interest field reserves were 17.82 million barrels of oil ("MMBO") (2017: 13.94 MMBO) and 2P (Proven and Probable) working interest reserves were 25.59 MMBO (2017: 20.70 MMBO). Total production from the Platanillo field during 2018 was 1.61 MMBO and total production from the CPO-5 block, (Mariposa and Indico fields) at 31 December 2018 was 1.15 MMBO.

This represents an increase of 27.83% in 1P and 23.62% in 2P reserves over year end 2017, and is due to the drilling success in the CPO-5 block previously reported.

http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AMER&ArticleCode=6s5163o0&ArticleHeadline=Reserves_Update

Great Indico’s in the back
Sweet Pavo in front
Drilling Cal’s faultline in the hot, hot sun
Suddenly red-blue lights flash all around us
Loud voices booming
The SP will gap the MA line
Baza preaches words of comfort
CD just hides his eyes
Shorters try throwing shade
Is the SP heading to 69?
How bizarre
How bizarre, how bizarre

depends on what the RNS states...
Either 18.5p or 26p.

*five months.